Homes May Increase In Value In 2009

As reported widely in the Uk press in the last day or so the UK's largest building society believes there is a "reasonable chance" that house prices could end the year higher than they started 2009. Such an outcome was "unthinkable" a few months ago, the Nationwide's chief economist said. This latest boost to the housing market is as a result of The Nationwide's latest house price survey showed prices rose by 1.3% in July compared with the previous month.

The average UK home costs £158,871, with the annual rate of property value falls slowing sharply to 6.2%, it said. The three-month on three-month comparison of property prices - considered a less volatile measure than the monthly data - rose from 1% in June to 2.6% in July. This was the highest level seen since February 2007, when the housing market was booming.

Property values in July were 6.2% lower than the same month a year earlier, but this was a significant deceleration compared with the 9.3% annual house price fall seen in June. "House prices have been remarkably resilient so far this year, despite a recessionary economic background with sharply rising unemployment," said Martin Gahbauer, Nationwide's chief economist.

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